On January 1, 2025, Ace Corporation had Retained Earnings of $625,000. During the year, Ace had the following selected transactions: 1. Declared stock dividends of $40,000. 2 Declared cash dividends of $50,000. 3. A 2-for-1 stock split involving the issue of 200,000 shares of $5 par value common stock for 100,000 shares of $10 par value common stock. 4. Suffered a net loss of $80,000. Prepare a retained earnings statement for the year. ACE CORPORATION Retained Earnings Statement